Daniel v. Bank of Clayton County

The decision depends mainly upon a proper construction of section 10 of the general tax act of 1918 (Acts 1918, pp. 43, 78) which is: “Be it further enacted by the authority aforesaid, that no tax shall be assessed upon the capital of banks, or banking associations, organized under the authority of this State, or of the United States, located within this State; but the shares of the stockholders of the banks or banking associations, whether resident or nonresident owners, shall be taxed in the county where the banks or banking associations are located, and not elsewhere, at their full market…